In Asian Equity Markets indices were trading lower Thursday morning as major South Korean technology names came under pressure. The benchmark Kospi slipped 0.5% as major chip-makers fell in early trade. Samsung shares declined 0.88% while SK Hynix fell 0.78%. Trade data for July showed South Korean exports fell 11% on-year, which was slightly better than the 11.3% drop analysts predicted. Elsewhere, Japan’s Nikkei 225 fell 0.96% in early trade while the Topix index shed 0.68%. Australia’s S&P/ASX 200 shed 0.44%, as most of the sectors traded lower.

In Currency Markets the U.S. dollar rose to a two-year peak against the euro and hit a two-month high versus the yen on Thursday as U.S. Federal Reserve Chairman Jerome Powell ruled out a lengthy easing cycle after delivering the first rate cut since the financial crisis. In a widely expected move, the U.S. central bank cut rates by 25 basis points to shore up the economy against risks including trade friction. The euro fell 0.2% to $1.1052 early in Asian trade to reach the lowest since May 16, 2017. Against the yen the dollar rose 0.4% to a two-month high of 109.165 yen.

In Commodities Markets oil prices fell more than $1 on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of rate cuts and Sino-U.S. trade talks ended without progress. The drop came despite a bigger-than-expected decline in inventories in the U.S. and a drop in crude production among OPEC members, along with Libya cutting exports, typically bullish drivers for the market. Brent crude, the international benchmark, fell $1.06, or 1.6%, to $63.99 a barrel , while U.S. crude was down 93 cents, or 1.6%, at $57.65 a barrel.

In US Equity Markets indices had a mixed reaction on Wednesday after the expected interest rate cut by the U.S. Federal Reserve, the first in a decade, failed to impress investors. The S&P 500 ended flat at 3,013.16 and the Nasdaq Composite added 0.19%, to 8,289.00. Video game maker Electronic Arts Inc reported better-than-expected quarterly revenue, driven by continued success of its battle royale game “Apex Legends,” sending its stock up 4.4%. Apple Inc extended its gains, rising 4.3% after an increase in services and wearables more than offset a drop in iPhone sales.

In Bond Markets the margin between U.S. short- and long-dated yields collapsed to its lowest level in over four months on Wednesday, as Federal Reserve Chairman Jerome Powell tempered bets on more rate cuts after the central bank made the first cut since 2008. The benchmark 10-year Treasury yields were down 5.50 basis points at 2.006%. Two-year yields, which are sensitive to traders’ views on changes in Fed policy, were up 1.80 basis points at 1.866% after hitting a two-month high at 1.968%.